Zell Takes Over at Equity International in Management Shake-Up

The chief executive and co-founder of Sam Zell's Equity International has left the firm in a rare sign of upheaval in Mr. Zell's real-estate empire.

Gary Garrabrant left for undisclosed reasons. Thomas McDonald, chief strategic officer, also has departed the firm that has invested about $1.5 billion over the years primarily buying real-estate companies in emerging markets.